Symbo, a Singapore-based all lines insurer, has acquired Mumbai-based B2B reinsurance software platform ReLeague in a deal that adds reinsurance to its current offerings in direct insurance, reports BW Disrupt.
The acquisition sees Symbo – a technology-driven business backed by former Sequoia Partner Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures – extend its scope across the insurance industry value chain.
“The acquisition of ReLeague marks our determination to become the trusted intermediary for customers across all aspects of insurance and reinsurance value chains,” said Anik Jain, Co-Founder & Chief Executive Officer, Symbo India Insurance Broking.
Following the deal, Anurag Jaroli, former Co-founder and Chief Operating Officer of ReLeague will join Symbo as Head of Reinsurance.
With over 90 new institutional clients from 25 countries across the The Association of Southeast Asian Nations (ASEAN), Middle East North Africa (MENA), South Asia, East Africa, and South Africa regions, Symbo will aim to facilitate an increased exchange of reinsurance information between reinsurers and brokers with the introduction of a comprehensive workflow automation solution
“Symbo’s highly experienced leadership team and its commitment to build innovative technology solutions in the insurance space gives me great confidence in the potential of the company,” added Jaroli.
“We are thrilled to be a part of this journey and look forward to the next phase of growth with great excitement and anticipation.”